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of <h1>New GST Scheme: Quarterly Returns, Monthly Payments for Taxpayers with Turnover Up to Rs. 5 Crore Starting Jan 2021.</h1> The circular details the implementation of a new scheme for quarterly return filing with monthly tax payments under the GST framework, effective January 1, 2021. Eligible taxpayers with a turnover up to Rs. 5 crore can opt for this scheme, which requires monthly tax payments and quarterly return submissions. Two payment methods are available: a fixed sum method and a self-assessment method. The circular outlines conditions, procedures, and deadlines for opting into the scheme, filing returns, and making payments. It also addresses interest and late fees applicable under the scheme and provides guidance on furnishing outward supply details.
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